Corning, N.Y. — Corning Inc., the world's largest maker of fiber-optic cable, reduced its earnings forecasts for the year, saying telecommunications companies are spending less on construction and expansion of networks amid the U.S. economic downturn.
The Corning, N.Y.-based company expects pro forma earnings to be between $1.20 and $1.30 per share in 2001, compared with previous estimates of $1.40 to $1.43. Analysts had expected earnings of $1.36 per share, 11 percent more than the $1.23 per share Corning earned in 2000.
In January, the company said the slowdown was hurting sales, but it stuck by its full-year earnings forecast.
For the full year, the company expects revenues to grow about 15 percent above 2000 levels to be between $8.2 billion and $8.5 billion. Corning also said photonic technologies revenues would grow 20 percent to 25 percent.
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